PerformanceRetail Gets Cash Infusion

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PerformanceRetail Gets Cash Infusion

11/26/2002
AUSTIN, Texas -- PerformanceRetail Inc. (PRI), a provider of advanced technology solutions for the convenience store and petroleum marketing industry, said Lighthouse Capital Partners has made a $5 million venture debt investment in the firm and its technology.

The investment will be used to accelerate PRI's ability to respond to market demand for InSite, the company's automation solution for the convenience retail industry, said Gregg Burt, president and chief executive of PRI.

"These funds will enable us to aggressively drive our business plan forward and respond to the demand we have received from our customers for InSite deployments. We are pleased to continue to receive validation on our business model, particularly in today's difficult investment climate. We welcome Lighthouse to our team of world-class investors," Burt said.

Lighthouse Partners said it based our investment decision on the considerable market opportunity for PRI's offering.

"We believe it is clearly the best-in-class and provides critical business performance improvements to the convenience retail industry," said Anurag Chandra, managing director for Lighthouse Capital Partners. "Additionally, the company's significant traction with large customers, the quality of the team and their dedication to and successes in garnering high levels of customer satisfaction convinced us of PRI's ability to execute. In short, we wanted to be a part of this exciting story."